Sam Nazarian Says He Needs to ‘Take Some Time Away’ From SBE

Nevada Gaming Commission Approves Limited Casino License for Hotelier

Hotelier Sam Nazarian told Nevada gambling regulators at a hearing on Thursday that he was taking time off from his hospitality company, SBE Entertainment Group, following fresh admissions about drug use and about a man he alleges extorted $3 million from him.

SBE is a partner with investor Stockbridge Capital Partners in the SLS Las Vegas, a 1,620-room hotel and casino that opened in August. Earlier this week, Stockbridge said Mr. Nazarian, his family and company could retain their 10% stake in the SLS Las Vegas but that...